Final Exam Sample Questions
... Perfect competition b) Monopoly c) Oligopoly d) All of the above e) None of the above ...
... Perfect competition b) Monopoly c) Oligopoly d) All of the above e) None of the above ...
The Market
... Consumer Guarantees Act (1993) If consumer goods are faulty, the seller must fix or repair them, replace or refund the customer their money. Not give them a credit note. Note a seller does not have to take back goods because you have changed your mind or they do not fit you. ...
... Consumer Guarantees Act (1993) If consumer goods are faulty, the seller must fix or repair them, replace or refund the customer their money. Not give them a credit note. Note a seller does not have to take back goods because you have changed your mind or they do not fit you. ...
Demand and Supply Notes
... When the price is 60, the quantity demanded is 50 and the quantity supplied is 110. Obviously, there are more companies willing to supply the good at this price than there are customers. The price is too high. Companies have excess inventory, or what is known as a supply surplus (of 60 units. 110 - ...
... When the price is 60, the quantity demanded is 50 and the quantity supplied is 110. Obviously, there are more companies willing to supply the good at this price than there are customers. The price is too high. Companies have excess inventory, or what is known as a supply surplus (of 60 units. 110 - ...
Demand and Supply: Basic Framework
... Race between human wants & scarcity of economic resources giving rise to the fundamental economic choice problem Functions of an economic system – role of prices, government & institutions Notion of market The demand side – Law of demand – Factors affecting demand – Features of a market demand curve ...
... Race between human wants & scarcity of economic resources giving rise to the fundamental economic choice problem Functions of an economic system – role of prices, government & institutions Notion of market The demand side – Law of demand – Factors affecting demand – Features of a market demand curve ...
204KB - NZQA
... per bottle sold, making milk more profitable, so the producers will produce more at each and every price, hence lowering the price to consumers. Consumer spending will decrease from $4 675 000 to $4 500 000 (by $175 000), and consumers will be better off, because they have to pay less per bottle to ...
... per bottle sold, making milk more profitable, so the producers will produce more at each and every price, hence lowering the price to consumers. Consumer spending will decrease from $4 675 000 to $4 500 000 (by $175 000), and consumers will be better off, because they have to pay less per bottle to ...
Demand and Supply
... Market Demand Curve • Amounts of a good purchased at alternative prices. • Inverse demand shows the maximum price paid for given quantity of a good. • Law of Demand (ceteris paribus) • Downward demand due to income and wealth effects. • Downward inverse demand diminishing marginal utility. ...
... Market Demand Curve • Amounts of a good purchased at alternative prices. • Inverse demand shows the maximum price paid for given quantity of a good. • Law of Demand (ceteris paribus) • Downward demand due to income and wealth effects. • Downward inverse demand diminishing marginal utility. ...
Agricultural Economics
... average total costs from ATC1 to ATC2. This lowers the monopolist’s producer surplus from APMBC to ...
... average total costs from ATC1 to ATC2. This lowers the monopolist’s producer surplus from APMBC to ...
Price Elasticity of Demand - Business-TES
... Demand Can you… Define and calculate it? Show how useful it is to firms, Governments, ...
... Demand Can you… Define and calculate it? Show how useful it is to firms, Governments, ...
demand - UTA Economics
... ► Intuitively, goods used in place of each other ► Different brands of gasoline; ...
... ► Intuitively, goods used in place of each other ► Different brands of gasoline; ...
Demand and Supply - Uplift Education
... • Demand for inferior goods or services decreases • Ex) more income means less demand for Top Ramen • When consumers’ income decreases • Demand for normal goods/services decreases • Ex) less income means less demand for steak • Demand for inferior goods/services increases • Ex) less income means mor ...
... • Demand for inferior goods or services decreases • Ex) more income means less demand for Top Ramen • When consumers’ income decreases • Demand for normal goods/services decreases • Ex) less income means less demand for steak • Demand for inferior goods/services increases • Ex) less income means mor ...
Review Questions – ECMC42 – February 2004
... competitive industry look like? Why does equilibrium occur at P = MC? In the long run, are perfectly competitive firms able to mark-up prices above the cost of production, and why or why not? Does the cost of production include a “normal profit”. What are the cost conditions facing a perfectly compe ...
... competitive industry look like? Why does equilibrium occur at P = MC? In the long run, are perfectly competitive firms able to mark-up prices above the cost of production, and why or why not? Does the cost of production include a “normal profit”. What are the cost conditions facing a perfectly compe ...
4_CS PS Efficiency
... • Producer surplus (PS): the area above the supply curve and below the price line • PS = Total revenue (TR) – variable costs (VC) • A measure of producer(s) well-being • Relationship between profit and PS? – Profit = TR – TC = TR – (FC + VC) – Not the same if FC > 0 ...
... • Producer surplus (PS): the area above the supply curve and below the price line • PS = Total revenue (TR) – variable costs (VC) • A measure of producer(s) well-being • Relationship between profit and PS? – Profit = TR – TC = TR – (FC + VC) – Not the same if FC > 0 ...
Economic equilibrium
In economics, economic equilibrium is a state where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change. For example, in the standard text-book model of perfect competition, equilibrium occurs at the point at which quantity demanded and quantity supplied are equal. Market equilibrium in this case refers to a condition where a market price is established through competition such that the amount of goods or services sought by buyers is equal to the amount of goods or services produced by sellers. This price is often called the competitive price or market clearing price and will tend not to change unless demand or supply changes and the quantity is called ""competitive quantity"" or market clearing quantity.